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Fiscal multipliers with financial fragmentation risk and interactions with monetary policy
Darracq Pariès, Matthieu; Müller, Georg; … - 2020
We quantify the size of fiscal multipliers under financial fragmentation risk and demonstrate how non-standard monetary policy can support the macroeconomic transmission of fiscal interventions. We employ a DSGE model with financial frictions whereby the interplay of corporate, banks and...
Persistent link: https://www.econbiz.de/10012241104
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Heterogeneous transmission mechanism : monetary policy and financial fragility in the euro area
Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - 2013
Persistent link: https://www.econbiz.de/10009765457
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Monetary policy, macroprudential policy and financial stability
Laeven, Luc; Maddaloni, Angela; Mendicino, Caterina - 2022
Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when deciding on their policy interventions, Monetary...
Persistent link: https://www.econbiz.de/10012822172
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Rules and discretion(s) in prudential regulation and supervision : evidence from EU banks in the run-up to the crisis
Maddaloni, Angela; Scopelliti, Alessandro - 2019
Prior to the financial crisis, prudential regulation in the EU was implemented non-uniformly across countries, as options and discretions allowed national authorities to apply a more favorable regulatory treatment. We exploit the national implementation of the CRD and derive a country measure of...
Persistent link: https://www.econbiz.de/10012009213
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Parsing financial fragmentation inthe euro area : a multi-country DSGE perspective
Darracq Pariès, Matthieu; Jacquinot, Pascal; … - 2016
Persistent link: https://www.econbiz.de/10011618209
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On the credit and exchange rate channels of central bank asset purchases in a monetary union
Darracq Pariès, Matthieu; Papadopoulou, Niki - 2019
Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …
Persistent link: https://www.econbiz.de/10011996730
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The importance of being special : repo markets during the crisis
Corradin, Stefano; Maddaloni, Angela - 2017
Specialness - the premium of procuring a specific security in the repo market - increased in the second half of 2011 for Italian government bonds. We assess the impact on specialness of the outright purchase program of the Eurosystem during the same period. Bonds bought by the Eurosystem had...
Persistent link: https://www.econbiz.de/10011647833